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Benjamin Pack

NMLS ID 632031

801-912-8484 bpack@boemortgage.com



April 19th, 2018 | Purchase Loans, First Time Homebuyer, The Alpine Team, thealpineteammortgage, homeloan, Pre-Approval, Down Payment, #homestagingtips

Buying a home for the first time can feel like a scaring task to the first time homebuyer. There are several processes and things to learn along the way.  It can be fairly simple process with strong communication lines between the customer, lender, and real estate agent.  The smartest way to get things started and make it easy. Take care of these items and you are on your way to owning a home.

  1. Get pre-approved with a mortgage bank such as Bank Of England Mortgage.  By getting a true pre-approval, you are able to put in a legitimate bid on a home. The pre-approval letter is something all parties of the process will need right away.  This letter shows you are qualified to get a mortgage for the home you want to purchase. Your credit has been approved and your income and savings also have been verified by the bank.  This is a crucial item needed for a strong bid for a home purchase.
  2. Know your payment comfort level.  Once you buy a home, you are “married” to the new payment.  The new payment amount needs to be considered based off each individual buyer’s budget.  This allows you to know the type and price range of home you should bid upon. Everyone has their own comfort level when it comes to payments and monthly budgets. Just because you could ‘afford’ or qualify for a larger home does not mean you would be comfortable with a larger payment.
  3. Get a buyers’ agent.  Finding a certified real estate professional to represent you in negotiation and help in your search is extremely important.  Many first time buyers don’t realize that they won’t pay the agent a commission.  Typically, only the person selling a home pays commission and it is split between both agents. Also, you are going to spend a lot of time with this person, so you want to be comfortable with your Realtor. (P.S. If you are looking for a qualified real estate agent, we have several agent partners in the area that provide a fantastic service. We can refer and help find you the real estate professional that works best for your individual needs!)
  4. Have a savings cushion.  Although some loans have low, or even no down payment options, there are other factors such as taxes, closing costs, and transfer taxes to consider.  Not to mention, when buying a new home, there are many items that become necessary: tools, yard maintenance equipment, cleaning items, paint, etc.   It doesn’t hurt to have a back-up, so don’t drain your savings account.
  5. Keep “financially quiet.” Buying a home is a process. When you are in that process you don’t want to have a lot of other financial things happening. Don’t open new credit accounts. By adding to your debt-load, it lowers the monthly payment for which you can qualify for when getting pre-approved. Also, don’t move a bunch of money around in your bank and retirement accounts. This can cause red flags and lead to more documentation for the loan.


Buying a home is both a stressful and fun process. You can minimize the stress by listening to a mortgage professional from The Alpine Team Mortgage. If you are ready to start this process, you can apply online right now by clicking here, or by calling us at 800-669-0191.